AUDUSD Overview: Disappointing Chinese and AUD data
CNY Fixed Asset Investment (YoY) (Oct) 5.2% vs 5.4%
CNY Industrial Production (YoY) (Oct) 4.7% vs 5.4%
CNY Chinese Industrial Production YTD (YoY) (Oct) 5.6% vs 5.6%
CNY Retail Sales (YoY) (Oct) 7.2% vs 7.8%
AUD Employment Change (Oct) -19.0K vs 15.0K
AUD Full Employment Change (Oct) -10.3K vs 26.2K
AUD Participation Rate (Oct) 66.0%
AUD Unemployment Rate (Oct) 5.3%
Australia Labor Market and Chinese Production data missed the expectations and showed a significant weakness.
We keep our bearish bias unchanged on the AUDUSD pair.
The pair is trading 0.68000 as of writing. The price is below SMA200 H4 and MA50 Daily.
The key fractal has been broken.
Near Term targets of the pair are 0.67740 and 0.67400.
We have a Bullish Shark Pattern which would be completed at 0.67380 on the H4 chart.
0.67130 is the key support and we predict a deeper bearish continuation towards 0.66500 and 0.65900.
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